According to sources there was a lot of interest in the stock among international investors, but many of them felt the Philippine company was trading at too rich a valuation after rising about 160% over the past year.
This was perhaps best evidenced by the fact that the order book ended up only 1.7 times covered even after seven days of bookbuilding. The price was also fixed at the lower end of the guidance given to investors towards the end of the roadshow,...
¬ Haymarket Media Limited. All rights reserved.
